[harby]

very true that many banks drop from their CD's short or long term 5% to .01% when it expires and they never let you know that they drop as well as don t warn that the CD is going to expire soon... unless you have to keep eyes on your CDs contract's expiration date. Sadly, we have to invest online with better interest rates and easy to keep eyes on. We have a small sum of money to keep in our local bank for emergency cash, etc. Some of our financial investment firms do the same until we remind them to update our contracts. Maybe try to take an advantage of senior citizens?

[dcianciolo]

Look into Raisin.com

Raisin is a online site for finding high-yield accounts. It partners with banks and credit unions to offer special interest rates when opening an account through Raisin rather than directly on the bank's websites.
Raisin is owned by Raisin GmbH, which is headquartered in Berlin, Germany, and was founded in 2012.

Representatives will be at the Brownwood Blueberry Festival on April 19th.
https://www.raisin.com/en-us/refer-a-friend

[retiredguy123]

[QUOTE=RetiredCPA;2319988]

Originally Posted by Ellen2

I have had a sizable money market account with Truist Bank. Without notice, they suddenly dropped my interest rate from 3.05% to .01%. Needless to say, I am looking for another bank. Does anyone know of a local, brick and mortar bank/credit union, that is offering decent rate
I was in the same situation. I called and they told me what would happen if I did nothing. But they could renew me in another account at good rate.
My point being if they want to keep their customers they should automatically renew to their best rate.

I agree that, if banks want to keep customers, they should renew at the best rate. But, unfortunately, I don't believe that banks care about keeping savings customers anymore. That is why I only use a bank for a checking account and credit card. I use investment companies to earn interest.

[JRcorvette]

Originally Posted by Ellen2

I have had a sizable money market account with Truist Bank. Without notice, they suddenly dropped my interest rate from 3.05% to .01%. Needless to say, I am looking for another bank. Does anyone know of a local, brick and mortar bank/credit union, that is offering decent rates? Thanks!

Don’t leave a lot of money in the Banks… either get a short term CD or move the money to a Brokerage account like Fidelity or others. They all pay close to 5% and you can even pay bills from them, easily move money to linked accounts and get a debit card!

[MidWestIA]

Get JEPQ has a dividend yield of 8.99% and the dividend is paid every month

[rsibole]

Originally Posted by Ellen2

I have had a sizable money market account with Truist Bank. Without notice, they suddenly dropped my interest rate from 3.05% to .01%. Needless to say, I am looking for another bank. Does anyone know of a local, brick and mortar bank/credit union, that is offering decent rates? Thanks!

Have held this stock, (PSEC), for nearly 20-yrs, share price varies but only matters when you sell but in the meantime your money is earning 15% +/- . Great place to park money you’ll never need.

[rsibole]

Originally Posted by MidWestIA

Get JEPQ has a dividend yield of 8.99% and the dividend is paid every month

Check out PSEC, another BDC with nearly twice the dividend and has never missed a payment in the almost 20-yrs I’ve held it.

[Alarmed]

I have been using an American Express savings account for the last year. Currently paying me 4.5% with only $1000.00 minimum. Log in with your AMEX credit card and Tied into your local bank for quick transfers when you need money.

[Honeyb]

Originally Posted by Ellen2

I have had a sizable money market account with Truist Bank. Without notice, they suddenly dropped my interest rate from 3.05% to .01%. Needless to say, I am looking for another bank. Does anyone know of a local, brick and mortar bank/credit union, that is offering decent rates? Thanks!

I’ve been investing in US Treasuries at much higher rates. A 4-week or 8-week Treasury Bill is paying around 5.3%. Go to treasurydirect.gov and open an account.

[RickyLee]

Originally Posted by jmintzer

did you call you bank manager @ truist? They have leeway with those money market rates...

We use truist and pnc (don't ask, it's just one of my wife's many mysteries...), and they both recently dropped our rates. She went in, spoke to the managers and financial people, told them she was ready to close the accounts, and "presto!", they rates went back up!

presto!!

[Cuervo]

I just went on Google and type in which banks are paying 5% plus on saving.
Two pop up that reach that goal, and both are FDIC insured with no commitment which means you can close it at any time.
One bank required a $500 opening deposit, the other was only $1.

[retiredguy123]

Originally Posted by Cuervo

I just went on Google and type in which banks are paying 5% plus on saving.
Two pop up that reach that goal, and both are FDIC insured with no commitment which means you can close it at any time.
One bank required a $500 opening deposit, the other was only $1.

A good website for comparing interest rates is "bankrate.com".

[lmack]

Originally Posted by Ellen2

I have had a sizable money market account with Truist Bank. Without notice, they suddenly dropped my interest rate from 3.05% to .01%. Needless to say, I am looking for another bank. Does anyone know of a local, brick and mortar bank/credit union, that is offering decent rates? Thanks!

Thanks for the heads up as I too was lowered. I called the mgr at Colony branch (Dawn) and she had an offer for 3.25% that she placed my MM funds in. I don't have the bulk of savings there but I do need some liquid/local so this will work for now while I consider options. FYI, as you asked for suggestions, I already use Vanguard and Schwab but also do have some with MidFL CU (MidFL did not drop their rates....yet).

[ken.yotz]

Originally Posted by retiredguy123

Forget about banks and credit unions for savings accounts. Open a Vanguard Cash Reserves Federal Money Market account. The current yield is 5.28 percent. Fidelity has a similar fund that yields 4.98 percent. You can even get checks if you want. I never rely on banks for income.

I am with Fidelity and well satisfied. You should know that the rate is variable, not fixed and that the money is readily accessible with no penalty for withdrawal like a CD would have. As I recall, the rate varies monthly.

[manaboutown]

When my credit union failed to raise the interest rates paid on my savings accounts after The Fed started raising its rate I moved the money into Vanguard's federal money market accounts VMRXX and VMFXX, the latter being my settlement fund. I also started buying six month T-bills at Schwab which I roll over. Their maturities are laddered or staggered. Currently the six months T-bills are paying in excess of 5.3%. As stated in other posts Vanguard's money market rates exceed those offered by Schwab and Fidelity. I also keep an account at Schwab as I can both buy and sell T-bills through them.